Westpac New Zealand Ltd. Sep 10

Standard & Poors, September 2010

Abstract
Ownership by Westpac Banking Corp. Strong local franchise and brand image Asset quality supported by a high proportion of typically low-risk residential mortgages Low-risk traditional retail and commercial banking model Significant dependence on wholesale offshore funding, which could disrupt funding access Modest earnings relative to the rating The counterparty credit ratings on Westpac New Zealand Ltd. (WNZL; AA/Stable/A-l+) reflect the bank's ownership by, and high level of integration with, its ultimate parent, Westpac Banking Corp. (WBC; AA/Stable/A-1+). The ratings on WNZL are equalized with those on its parent because the bank is considered a "core" subsidiary of the WBC under Standard & Poor's Ratings Services' criteria for rating group entities. We consider WNZL's stand-alone credit profile to be strong, reflected...

Companies mentioned in this report are:
- Westpac New Zealand Ltd.
- Westpac Banking Corp.
- Bank of New Zealand
- ASB Bank Ltd.
- ANZ Bank New Zealand Ltd.
- Westpac Life-NZ-Ltd.
- Westpac Lenders Mortgage Insurance Ltd.
- Westpac Europe Ltd.
- St.George Insurance Australia Pty Ltd.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Westpac New Zealand Ltd.
- Westpac Banking Corp.
- Bank of New Zealand
- ASB Bank Ltd.
- ANZ Bank New Zealand Ltd.
- Westpac Life-NZ-Ltd.
- Westpac Lenders Mortgage Insurance Ltd.
- Westpac Europe Ltd.
- St.George Insurance Australia Pty Ltd.

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